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Bitcoin Jumps to Three-Week High on US-Iran Ceasefire Plan
Bitcoin rose to a three-week high after the US and Iran agreed to an initial ceasefire, prompting a surge in risk assets.
The largest cryptocurrency spiked as much as 4.9% to $72,738, its highest level since March 18, and was trading just below $72,000 at 8:25 a.m. Wednesday in Singapore. Smaller tokens also notched big gains, with Ether rising as much as 7.4% to $2,273.
Bitcoin has been relatively resilient in recent weeks, with signs that institutional selling pressure is easing.
Morgan Stanley Bitcoin ETF Set to Begin Trading
Morgan Stanley’s spot Bitcoin ETF appears set to begin trading Wednesday after the SEC declared the Morgan Stanley Bitcoin Trust effective and the bank filed its final prospectus.
Bloomberg ETF analyst Eric Balchunas said in a post on X that the fund looks set to go live April 8, citing a screenshot of the NYSE listing notice. The trust is expected to trade on NYSE Arca under the ticker MSBT.
The filing confirms Morgan Stanley is entering the crowded US spot bitcoin ETF market with a physical product that will hold Bitcoin directly and track the CoinDesk Bitcoin Benchmark 4 PM NY Settlement Rate. The trust will not use leverage, derivatives, or active trading to try to outperform Bitcoin.
FDIC Proposes Ruleset for Stablecoin Issuers Following GENIUS Enactment
The Federal Deposit Insurance Corporation proposed a rule to establish a regulatory framework for stablecoin issuers, in line with a law signed last year by President Donald Trump, and is now seeking public input.
On Tuesday, the FDIC voted to propose a rule that would set forth standards for stablecoin issuers, including requirements involving reserve assets. This move follows other regulators’ efforts to implement the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act.
The law created a federal regulatory framework for stablecoins, requiring stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandating annual audits for issuers with a market capitalization of more than $50 billion and establishing guidelines for foreign issuance.
CZ Says SBF Asked for Billions "Like a Bologna Sandwich" as FTX Collapsed
Zhao says he never seriously considered buying FTX, describing SBF's approach as "indirect and wishy-washy" and the LOI as a pure formality to assess whether users could be protected.
He identifies Caroline Ellison's public offer to buy FTT at $22 as the moment FTX was doomed, arguing that it gave professional traders a floor price to short.
A Signal group called "Exchange Collaboration," set up by FTX's Zane Tackett, later drew DOJ and SEC scrutiny for potential collusion, which Zhao flatly denies.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Tuesday was $159.05 million. The total net asset value of Bitcoin spot ETFs is $88.71 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.39%.
The Bitcoin spot ETF with the highest net outflow on April 7 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net outflow of $47.85 million, according to SoSoValue.
Source: SoSoValue
The overall net outflow of the US Ethereum spot ETF on Friday was $64.67 million. The total net asset value of Ethereum spot ETFs is $11.98 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.69%.
The Ethereum spot ETF with the highest net outflow on April 7 was Fidelity Ethereum Fund (FETH), with a net outflow of $48.21 million, according to SoSoValue.
Source: SoSoValue
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